FXCM will forgive 90% of clients with negative balances

FXCM will be forgiving 90% of negative balances

• FXCM will adjust applicable client account statements in the next 24-48 hours

We’ve been repeated calling on FXCM to make good on its advertisements and they look to have taken the favourable option.

You’ll note the “majority” part though. They say those “such as institutional, high net worth, and experienced traders who generally maintain higher account balances” will be the ones to wear losses. Based on how it works in the UK, with investor classification, it basically means all retail traders are being let off.

FXCM says those clients represent 10% of the client base but 60% of the balances outstanding. They say the adjustments will appear on client statement in 24-48 hours.

FXCM CEO says:

“FXCM worked diligently to reach this decision and we are extremely appreciative of our clients for their patience and loyalty as we worked through this”

Don’t know about “patience” or “loyalty” after this.

But that’s one broker out the crosshairs for now. Saxo and Alpari, among others, are still firmly lit up.